Dong Nai calls for swift government action to facilitate real estate projects

By Thanh Thao - May 11, 2024 | 11:46 AM GMT+7

TheLEADERDong Nai provincial authorities are actively seeking expedited support from Vietnam's central government to resolve ongoing obstacles hindering major real estate developments in the region.

These challenges were discussed during a meeting yesterday attended by representatives from three southern provinces of Dong Nai, Binh Duong, Tien Giang and led by Nguyen Thanh Nghi, the Minister of Construction.

Vo Tan Duc, acting Chairman of Dong Nai Provincial People's Committee, urged the government task force to report to the Prime Minister for immediate approval of critical planning adjustments.

These adjustments are crucial for progressing significant real estate projects, particularly in Bien Hoa City’s Hiep Hoa ward and Nhon Trach district.

Duc also requested swift action to approve local adjustments to the master plan of Nhon Trach district and to address the implementation issues in sub-zone C4, which covers about 1,500 hectares in Long Hung commune and part of Tam Phuoc ward.

The sub-zone has seen several significant projects, such as the Long Hung residential project and Aqua City by Novaland Group.

However, inconsistencies between the detailed 1/500 planning documents and previously approved projects have caused many urban projects, including Aqua City, to halt their construction and business activities.

To resolve these discrepancies, Dong Nai authorities have allowed Novaland Group and other developers to prepare and submit for assessment adjustments to the detailed planning, alongside approving the adjustment project of the master plan of Bien Hoa city, which includes sub-zone C4.

Additionally, Duc emphasized the need for investors to commit to developing social housing projects once the adjustments are approved.

He also mentioned the compliance of project investors with administrative penalties related to construction order violations, especially during the recent Covid-19 pandemic.

These efforts include infrastructure renovation and the demolition of temporary and non-compliant buildings to facilitate the completion of related legal procedures.

Dong Nai calls for swift government action to facilitate real estate projects
Minister of Construction Nguyen Thanh Nghi worked with Dong Nai provincial authorities on facilitating real estate projects. Photo by Thanh Thao

Dennis Ng Teck Yow, CEO of Novaland Group, commented on the situation: "While our projects have received strong support and sponsorship from commercial banks, the existing legal issues have prevented us from fulfilling our commitments to customers."

Nghi assured that the Ministry of Construction, along with other central ministries and agencies, would work closely with local authorities to overcome these challenges, thereby promoting the development of the real estate market.

This collaborative effort between the government, ministries, banks, businesses, and customers is expected to significantly aid in the recovery of the real estate market, restoring investor confidence and contributing to the socio-economic development of the region.